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on the latest fiscal cliff news. >> the evening. in keeping with the holiday spirit, maerry everything and happy always. would it be that we could make the american people happy by attending to the work at hand. we just concluded a caucus. our membership is as frustrated as the american people we are sworn to serve because we understand and continue to be befuddled why we cannot bring a proposal to put the country back to work. why we cannot deal with a tax cut for the middle-class, the specially when both sides agree that the country needs to go back to work. and that we need a middle-class tax relief. the president said it well -- both on friday and today. if we cannot -- if they cannot come to agreement in their own conference, if they continue to self-destruct before our eyes in their own conference, then a minimally they have a responsibility, as the president suggested, to bring his proposal to the floor for an up or down vote on behalf of the american people. that is what we continue to focus on, putting the country back to work and the jobs that everybody knows will assist in bringing do
's my tide, what's yours? >>> happy new year! just 17 hours from it every 2013 and the fiscal cliff. congress putting your money at risk. may be a last-minute vote in the senate today. again, that is more than 517 days after they could have fixed the thing to start with. in case you weren't angry yet, president obama sign the executive order that gives executive worker as a pay raise. won wonders whether congress has earned their raise. grover and i have never agreed on anything rat all except the fact that congressmen shouldn't have had a raise on thursday. good morning, goo to see again. >> good morning. >> you continue to engage in the conversation which i always appreciate. let me ask you this, you don't want taxes going up on anyone. but when things looked like they were aat an impasse and house speaker john boehner, the highest elected in the country. put forward his plan b about a week ago, you read it through, and you said you would be okay with people who had signed this anti tax pledge of yours voting for that bill. voting for an increase of taxes. and you will phrase it d
month's payment on any new volkswagen. visit vwdealer.com today. >>> this whole fiscal cliff mess shows how out of touch you are with the way that people live in the country. you are off in la-la land and people are saying that you are are acting like a bunch of spoiled brats who are more interested in being right than in doing the right thing and actu actually representing the people who elected you. >> more interested in being right than in doing the right thing. you know, don, i'm not one of the guys who piles on with the mob and hates politics and hates washington, but people are frustrated and i have trouble finding fault in their frustration at all. welcome back, everybody, to the special coverage of the fiscal cliff negotiations. don and i will stick with you while we follow what is going on. take a look at what is going op at the capitol and pretty picture, and i hope they are getting work done in there. lawmakers are getting work done and they are filing in for the roll call. you don't want to leave it for the last minute. the talks are aimed at preventing us from going over th
, if there's a fiscal cliff deal, there will be a new senator voting. >> that's right. sworn in a new minutes ago. i made reference to vice president joe biden, here to swear in the new senator representing hawaii, brian shatz. only the circus senator -- sixth senator to represent hawaii. he's a democrat. it will be interesting to see exactly how he weighs in at some point over the fiscal cliff mess in the final days of 2012. >> mike, thank you. on top of those fiscal cliff concerns, the treasury secretary, timothy geithner, warns we're set to hit the debt ceiling new year's eve, the max amount we're allowed to spend. the current limit is $16.4 trillion. he says the obama administration will work to make sure the u.s. does not default on loans right away but the debate will be another drag on the economy. with us, the chief business correspondent for u.s. news and world report, rick newman, and author of rebounders, how winners pivot from setback to success. talk about the debt ceiling for us, first of all, welcome. talk about the debt ceiling and how it affects us. we here horror scenarios a
to the fiscal cliff to new year's eve to the nfl post season on my last day as you said and clayton's birthday mind you. an update on hillary clinton's condition in just about 10 minutes join us for "fox & friends" 6-9 eastern time. >> welcome back. it is 52 after the top of the hour. let's span the globe to see what's happening in headlines. hugo chavez is reporting from new complications following his recent cancer surgery there. so far we are hearing those complications are stemming from a respiratory infection and his condition is delicate. next to northern ireland where police officer manages to escape a bomb found under his car. so far no one is claiming responsibility for planting the device. finally to columbia where a massive land slide completely cut off a highway and buried cars there. at least five people were killed. a search is underway right now for 25 people that are missing. patti ann? >>> the count down to 2013 is on. over 1 million people preparing to pack times square to ring in the new year. lawmakers may ring in the new year by going over the cliff. lauren simonetti joins
the so-called fiscal cliff. nate silver in "the new york times" and putting up a quote here, this is just an excerpt. most members of the house now come from hyper partisan districts with no threat of losing to the other party. vice president of the heritage foundation telling the national journal, quote, when everybody goes back home, i don't think they're feeling the heat from their constituents for failing to reach an agreement. if anything, hearing the opposite. this is vice president of the heritage foundation. is there an incentive for house republicans to compromise or senate republicans? is there an incentive for the gop? >> no political incentive for this and now seeing it. there's a lot of hype and seeing the end game here and if you're not angry, you are not paying attention. i spoke to a senator saying there could be a small deal. mr. shear is shorting to the similar thing and the bottom line is this was built on a threat for the debt ceiling 514 days ago and the idea was we're going to have automatic cuts that hurt americans so much we'll have to cut a deal. they said that op
senator thune. a fiscal cliff deal is a new way calculating inflation that would lower social security payments. democrats say they would do it as part of much bigger deal but it was off the table for the smaller deal they are working on. so democrats called it a poison pill. >> at some point, negotiating process, it appears there are things that stopped us from moving forward. i hope we're not there, but we're getting real close. that is why i still hold out hope we can get something done, but i'm not overly optimistic but i'm cautiously optimistic. >> chuck schumer from new york continues to say the things, meaning a deal, always happens at the end. >> gregg: we'll probably hear about the change of cpi which is basically a new way of calculating an index the cost of living and slowing down the growth of sbph like social security. we'll probably hear about. mike, thanks very much. >> arthel: we're going to the white house where president obama is holding firm to his demand and blaming republicans for the failure to reach a deal. the president also appearing on a political talk show th
out there. >>> coming up on your local news on "cbs this morning," an update on the fiscal cliff negotiations and a look back at the top stories of 2012 in the world of hemtd health and medicine. that and so much more coming up a little bit later on "cbs this morning." i'm terrell brown in new york on this new year's eve. this is the "cbs morning news." new prilosec otc wildberry is the same frequent heartburn treatment as prilosec otc. now with a fancy coating that gives you a burst of wildberry flavor. now why make a flavored heartburn pill? because this is america. and we don't just make things you want, we make things you didn't even know you wanted. like a spoon fork. spray cheese. and jeans made out of sweatpants. so grab yourself some new prilosec otc wildberry. [ male announcer ] one pill each morning. 24 hours. zero heartburn. satisfaction guaranteed or your money back. [ female announcer ] there are lots of different ways to say get well to your loved ones. ♪ ♪ this came for you, mommy. [ female announcer ] but it takes the touch of kleenex® brand, a
right now. including that so-called fiscal cliff. only seven hours until the ball drops for new year's. and seven hours till the united states formally goes over that fiscal cliff. a still combative president obama says an agreement is in sight and the senate leader mitch mcconnell says it's close as well. house republicans have decided they will not vote until after taxes have already gone up. they're supposed to go up after midnight. we have complete coverage of this breaking news story as well. let's begin this hour with our senior congressional correspondent dana bash. as we've been saying, we are going over the fiscal cliff. >> reporter: technically, that is true. house has decided that there's no point, from the perspective of republicans who run the house, to stay tonight, because the plan over the past two, three days, has been for the senate, which is down the hall behind me, tore vote on any kind of deal first, and then send it to the house. the senate isn't there yet. they're very close. but close doesn't give a bill to the people who need to write it and put it on the flo
number. comfort individualized. >> our coverage of the fiscal cliff continues moments away. other news making headlines and breaking at this hour. we've learned about five people killed in a charter bus crash on an icy interstate in oregon. these weather systems are something that we have been watching tonight. state police are telling us that 20 others were injured when the vehicle crashed through a guardrail and traveled down an embankment. some of the injured taken to local hospitals while others were treated there and there will be an investigation and we'll bring you pictures as they come into the news room as well. new developments regarding a fatal plane crash in russia. new video surfacing of the airliner as it careened off the runway and on to a highway in moscow yesterday. the impact sending debris flying into oncoming traffic, including a tire that slammed into a car. no passengers were on board at the time only crew members and the death toll risen to five after a flight attendant. the remaining three survivors listed in mythical or serious condition. hospitalized tonight.
or else the country will go over the fiscal cliff. >>> there is a new dairy cliff bill. leaders in the house and senate agriculture committees agree to a one-year extension of the expiring farm bill. so far, no house vote is scheduled. if this bill is not passed, the price of milk could double next month. some estimate that a gallon of milk could go up to $8 a gallon. >>> 8:16. today, a second volunteer firefighter who was shot and killed in upstate new york will be laid to rest. [bagpipes] >> yesterday, hundreds of police officers paid their respects to michael chippairini. investigators say he and tomasz were shot after someone shom them responding a fire. >>> a car crashed into a funeral home at the wyemoth funeral brothers. it was just about a funeral was about to get underway. police say it appears two teens were racing when they lost control and crashed their car into the building. >> literally, five seconds after i entered the side rule -- side room, we saw the car careen into the building. >> the teens were taken to the hospital with serious injuries. a 66-year-old man i
of the fiscal cliff situation, or do you actually see some new product, maybe an apple tv, spurring to 900? i would argue you need to see a new product in order to get there. >> i think apple always vacillates between the two extremes of fear and greeand ri hitting that kind of max fear point with people all worried about margins and what the future products will be. and what only kind of shatters that fear and gets people greedy again, what led to the big run-up this year, is when people realized that the current product portfolio are going to be much bigger than they expected. you were talking about the ipad mini. i still think that's one that's widely underappreciated. i think there's an opportunity for huge growth as ipad mini alone this year. i think we'll see iphone move to a six-month cycle instead of a 12-month cycle. apple's seeing that people anticipating a couple of quarters ahead and holding off on sales. so i think there will be new products, though. i think itv is definitely one. i think november is likely the target there. and i think 2013 is going to be the year we actually se
news. we are a few hours away from the so- called fiscal cliff. lawmakers will meet in about three hours to try and meet the midnight deadline. we will let you know all about that. before we get to that let us get outside and show you the san mateo bridge. a lot of people are off today. a lot of others heading to work. you can see cars moving along the bridge no problems. >> an ailing former president gets a big dose of medimiracle medicine. >> the oak ridge boys serenade for president george bush. he was admitted a month ago for bronchitis. last week he was described as having a stubborn fever >> barbara bush reached out to the oak ridge boys and gave a concert to one of their biggest fans over the phone spirit we as to what you want to hear in very quickly he said elvira. >> we sank some of it. and then one of his all-time favorites amazing grace. >> the first installment of of hobbit movie trilogy of one in $33 million in ticket sales. clinton tarantino django and change came in second. les miserable was third. >> people are afluter over the kardashian clan taking to twitter t
, there is some good news in that she's expected to recover. >> turning back to the fiscal cliff, just this hour we have reports of republicans claiming the president is holding up talks over the sequester. now we have senator mitch mcconnell and the president saying they want a deal on taxes first before dealing with the sequester. what's going on down there? >> reporter: well, there's this final sticking point of the sequester. they have agreed to this tax deal, which is not insignificant, of course. this tax deal which will increase taxes on individuals making $400,000 or more and couples making $450,000 or more because, remember, some republicans have been resistant to raise taxes at all. the hangup over the sequester is that the white house is saying, democrats are saying let's extend it, stave it off for a year, and pay for it with new tax revenues. republicans say, no, let's deal with it in the nearer future. that's really where the fight is coming together, but these negotiations continue to evolve and my sources tell me they're still optimistic for a deal. >> kristin welker, thank you.
for the top of the news of this special edition. no senate vote on the fiscal cliff tonight. that just from majority leader harry reid. they cannot agree. cannot agree on a counter offer at this point from the democrats. after a day of last minute negotiations to avoid tax hikes and spending cuts set to go into effect the day after tomorrow. chief congressional correspondent mike emanuel very busy tonight. it's almost coming apart. >> that's right. there's a lot of dis agreement on both sides. republicans say they would like to see any tax revenue that comes out of a fiscal cliff deal used to pay down our trillion dollars deficits. retiring republican senator from arizona, jon kyl, said the democrats want to spend $600 billion and he believes the new tax revenue will be about the same am. to he says not solving anything. for from senator to an today. >> raising taxes to pay for new spending is not something republicans believe this debate ought to be about. it ought to be about reducing the deficit and debt. they're suggesting we want new taxes, higher taxes on people in this country to pay
an e-mail. >> the fiscal cliff, what would a new tax plan mean for small companies and their employees? we're going to get that story when we return. as we head to a break, check out the futures. we have red arrows. they continue to be red arrows. nasdaq off about 12.5 points, the s&p 500 off a little over 6.5 points. we have more coming up on squawk after this break. [ male announcer ] you've climbed a few mountains during your time. and having an investment expert like northern trust by your side makes all the difference. we add precision to your portfolio construction by directly matching your assets and your risk preferences against your own unique life goals. we call it goals driven investing. after all, you don't climb a mountain just to sit at the top. you look around for other mountains to climb. ♪ expertise matters. find it at northern trust. [ male announcer ] the way it moves. the way it cleans. everything about the oral-b power brush is simply revolutionary. oral-b power brushes oscillate, rotate and even pulsate to gently loosen and break up that sticky plaque with more
breaking news stories this hour. we now know the united states will in fact go over the fiscal cliff at midnight tonight. the senate is closing in on a deal, but the house has said it will not vote tonight. possibly take up any action tomorrow. the other breaking news story we're following, new details emerging of secretary of state hillary clinton's blood clot. doctors are now revealing it's located in a vein between her brain and her skull. they say it did not result in a stroke or any neurological damage. we're following both of these stories. i want to bring in tom foreman on the fiscal cliff. the emerging deal that's out there, no deal yet, and no deal until it's finalized, not only in the senate, as you know, tom, but the house of representatives and signed into law by the president. >> there's so many contentious details here. any one of them might trip this up, but there are two big pillars we're talking about today more than anything else. the first one seems to have been successful. it has to do with the idea of where you're going to put the threshold for maintaining the bu
-term? >> very short-term. and then i'm sorry to be the dispenser of bad news, we have the whole fiscal cliff again with the fiscal reputation in terms of the borrowing maximum, the ceiling, which will come due in about a month where they have to raise the debt ceiling. you remember the president said, i'm not going to play that game anymore. unfortunately, he's going to play that game. so we'll have crisis number two, even if they solve this mini crisis today, or tomorrow. >> this white house fallback deal that senator reid is talking about pushing, if it comes to that, talk a little bit about this. >> that is the very minimal. what that is is going back to what he originally proposed. anybody who makes over $250,000, their taxes will go up. this is something that republicans before didn't agree with and the president actually raised it to $400,000. but now maybe they'll pass that, and the extension of unemployment benefits, 2 million people, lose unemployment benefits. if that should happen, they'll say, wait a second, we capitulated on that to fight for another day, because we just had to
'll know if there's a deal on the fiscal cliff or not and what either outcome means for you and your money. we'll talk to sheila bair, former fdic chairwoman. and texas congressman lloyd daggett. so much to talk about tomorrow. i certainly hope a deal has been done. >> nice to work with you. >> are you going to go to times square? >> i'm going to run the park. 2013 starts with a run. i conned my wife into it as well. she'll join me. >> happy new year to you. >> cnn newsroom with suzanne malveaux begins now. >>> happy new year. stories we're watching now. hours by hour, inch by inch, the nation sliding closer to the fiscal cliff. we'll have more on this morning's negotiations and what we'll lose if those talks fail. and workers in some states may see a pay raise but may not notice much of a difference. >>> guns are flying off the shelves after fears of a ban on assault rifles following the sandy hook massacre. we're live at the white house with the latest details. plus this. >> reporter: i'm alina cho in times square, where just hours from now new york will host what is arguably the biggest
the fiscal cliff deadline, the new year's countdown is taking on a whole new meaning. >>> health scare. just days before secretary of state hillary clinton was set to return to work, she suddenly is hospitalized for a blood clot stemming from that concussion she sustained recently. >>> and in an nbc news exclusive, president obama lays out his second-term priorities, and guns didn't make the list. >>> plus, is there new hope for chuck hagel? the president defends his possible defense secretary pick. >>> good morning from washington. it's the last day of the year, december 31st, 2012, and this is "the daily rundown." i'm chris cillizza in for chuck todd. with sweeping tax increases and across-the-board spending cuts set to take effect at midnight, even lawmakers are now publicly pessimistic about the ability of congress to, well, get anything done. at best, democrats and republicans will patch together a limited, short-term deal to avoid the most immediate economic impacts of the fiscal cliff. with 15 hours to go and counting, members of congress are disgusted and embarrassed. >> when the fut
before investing. >>> well, of course, it isn't just the fiscal cliff we're counting down to. it's new year's eve and we want to say happy new year to everyone who is joining us or watching the program here today. earlier, we asked have you made any resolution, trade or otherwise, for 2013. we've got a couple at least. one here from jeff who says i resolve to invest in pets and pampering. petsmart people love pets and profit from it. that's true, actually. ac tweets to accomplish my 2012 resolutions. that's one where i think a lot of us would agree. if you want to join the conversation, send in your thoughts worldwide@cnbc.com. tweet us, @cnbcwex or tweet us individually. >>> the senate in the race against the clock as lawmakers try to solve the fiscal cliff impasse ahead of tonight's deadlines. >>> china ends the year as a sign of manufacturing growth as manufacturing activity hits itself fastest pace in 12 months. german, japanese and hong kong stocks are leading the way today. here is a look at today's other top stories. congress may be able to avoid the so-called dairy cliff. the h
." >>> it is 8:00 on east coast. a lot to tell you about the fiscal cliff. first, breaking news. we just got this from the associated press. secretary of state hillary clinton has been admitted to the hospital with a blood clot. following that concussion, you'll remember, she suffered a concussion after becoming severely dehydrated and she fell earlier this month. we should say, nbc news has not confirmed this report. let's go to nbc's kristin welker, who is at the white house. my understanding was, kristin, she had been expected to go back to work soon. >> reporter: that was our understanding. secretary of state, officials with the department, essentially saying that she was getting better, they expected her to return to work soon. of course, we learned about the fact that she was not feeling well, that she was ill, she had the flu a couple of weeks ago, and then a couple days after that, we learned that she became dehydrated, fell, suffered a concussion, as you said. at that point in time, officials with her department said she was at home, he was resting, she was getting medical care, she
: happy new year to both of you. thanks, guys. rick: we have been caught up count down to the fiscal cliff and there is a more fun countdown. tonight more than a million people will gather to ring in the new year. millions of dollars expected to be generated for local new york city businesses. lauren is there in times square. she joins us now. >> reporter: it turn out if you have a microphone you become really popular. it's starting to get really busy in times square. all of these people have actually started to close off the streets. they missed the cue. all right. all right. so they started to -- they started to close off the streets behind me and people are pushing close and they will start to go in at 3:00 p.m. so just a couple minutes from now. then at 6:00 that iconic ball will go all the way up, pushed about it ceo of phillips lighting. it falls down at midnight. all these crazy people behind me are expected to spend get this, $25 million. that's the economic impact for new york city. and they threw all the confetti prematurely, but when it comes down from the sky at midnight we'll
to go south? >> that's right. happy new years, america. we appear poised to dive off the fiscal cliff starting with a round of finger pointing today. this is classic gridlocked washington. why america is fed up with the lawmakers and all about pointing fingers, gaining the upper hand here. and also, gaming this out because if we do dive off the cliff an we don't get a deal in the next couple of days, which looks increasingly like where we're headed then we come back in january and have to negotiate again and a political advantage for both sides if that's the case. >> her's the thing. even if a deal does get done at this point, it's a small deal. much smaller deal than both sides said they wanted several months ago. the debt ceiling, will be back in two months. there's a good chance we are going to be revisiting a budget issue in march, as well. is this the new d.c. zachary? >> well, it's kind of an old d.c. and the current version, you know, 4.0. and you're absolutely right. it's convenient because there's a news hook for the fiscal cliff for january 1st and calling this now b.c. befo
coming back in. we keep talking about the so-called fiscal cliff. there are consequences for inaction if that countdown clock gets to zero and there's no deal and no deal has been reached. >> jonathan, thank you. to your point, it's remarkable to me that what we're debating is exactly what we were debating six months ago. it's not as though something has happened recently. this is the debate we've been having or the debate we haven't been having making it all the more remarkable that we have a countdown clock for it. thank you. >> that's right. >> a deal on the fiscal cliff may be at hand, but there's still a lot to do, and not a lot of time to do it. delaware democratic senator chris kuhns. thank you for taking the time. i want to talk about something first that your colleague tom hashi harken said on the senate floor. let's come back and talk about it. >> it looks like all of the taxes will be made permanent, but all of the other things that the middle class and america really depends on. one year or two years at the most, but the tax system is made permanent. well, i just think tha
. >> have a good new year. >>> the possible fiscal cliff isn't the only thing happening at the stroke of midnight. more than 400 new laws take effect. some have a major impact including in new hampshire partial birth abortions will be banned. same sex couples will be able to marry in maryland. also registered sex offenders in illinois will no longer be able to dress up like santa or the easter bunny and will not be allowed to hand out candy on halloween. then there are some laws that just make you kind of go, hum. it will now be illegal for employers to require or request social media passwords in several states including maryland, new jersey, and delaware. motorcyclists in illinois can now run a red light if that light fails to change. in florida, your swamp buggy will no longer be considered a motor vehicle. >>> it is about 50/50 right now. i obviously would like to see a deal that would avoid the cliff but it depends on the content of the deal. >> it's a shame and disgrace that we are where we are. the american people are fed up first of all with this process. secondly, with the pr
more on that and the fiscal cliff negotiations in a minute. >>> first, i want to show you the rest of the world is ringing in the new year. midnight arrived in asia. they are calling it a pyre tech nick musical. they were scheduled to begin an hour before midnight. hong kong on the top ten places to ring in the new year. let's listen. ♪ ♪ ♪ ♪ >>> ring in the new year, good morning 2013. we'll continue to monitor all of these celebrations as the day rolls on. the night rolls on in some cases. midnight in the u.s. is the big fiscal cliff deadline. there are two fronts we are watching today. capitol hill and wall street. let's see if there's any movement on capitol hill. stock markets moving up because it's a little erratic. dana bash is watching that live for us. dana, last hour you were saying progress is being made. now you've been hearing rumblings on the opposite from the far left. what are you hearing now? >> very interesting. we have been hearing from both sides of the aisle that part of the big issue has been to get over objections from conservative republicans who are
nanogram to reach impairment. william la jeunesse, fox news. >> bret: update on how the fiscal cliff affects wall street or could affect wall street, as we near the 11th hour. france tried to put a heavy tax burden on millionaires. the result, find out next. >> bret: no grapevine. top story, fiscal cliff is going over it. the senate majority leader, not moved the bill to the senate floor yet. the house would only deal with whatever passed the senate. if it passed the senate at all. all indications are the house will not vote on any fiscal cliff legislation tonight. here is how the potential deal stacks up. they will be taxed at 39.6%. up from 35%. tax on capital gain and individuals for $400,000 for individuals would increase to 20%. from 15%. the alternative minimum tax is permanently indexed to inflation. it has been annual patch. that would be permanent. the plan extent the child tax red earned income tax credit. up to $2,500 tax credit for collision tuition. unemployment benefit are extented for one year. same for the medicare doc fix and the social security payroll tax cut. reve
is it appears likely we're going over the fiscal cliff. over that news we sauce starts beginning to drop and the dow industrial average down seven points. we call it a fiscal cliff and it looks like we're going off the end of this cliff. most americans will not feel the effect of this but on your first paycheck you will probably get about a 4 percent cut. because the irs does not know what at the congress is doing they're not instructing employers on what to do just yet. >> we will be back in just a couple of minutes. >> calling this developing story this morning in walnut creek. a person is dead after an officer involved shooting at an apartment complex during the early morning hours in walnut creek. will tran is there live gathering information and he done this with an update on the end destination.investigation. thist east of 680 and walnut creek. we have a shot up now and let's check in with well. >> you can see police officers are still on the scene and they are allowing people leave the complex to go to work in school as they continued to hopefully talk to witnesses to find out wha
but with the fiscal cliff hours away how should you protect your money in the new year with a strategist next. ashley: my voice is going. finally i hit puberty. lori: you've been on fox business more than anyone else last two weeks. ashley: here is how the major indices are moving right now. as you can see all up across the board. we lost a little bit of momentum when the president said we don't have a deal yet but optimism reins. green arrows across major industries on this last trading day of 2012. we'll be right back. lori: all right. both oil and gold in the green as fiscal cliff talks continue. sandra smith is in the pits of the cme where traders are watching every development out of washington with today's trade. what is the general consensus, sandra? >> we're watching the year-end close on a lot of these pits. this is the euro-dollar options pits, one of the busiest pits on the trading floor, had a early close today. i came over here because i want to show you the 10-year treasury. treasurys in general closing earlier today. as we saw movement into the stock market today amid the optimism over
at congress with distain and rightfully so. with the deadline on the fiscal cliff only hours away we've failed to reach a reasonable compromise to move the economy forward and ward off painful tax hikes on the middle class. >> reporter: so everybody is waiting to see if the senate can reach a deal on the fiscal cliff. it's not entirely clear when the house would act. i talked to a key leadership aide who he said if the senate passes a deal we could certainly signal that we will take it up perhaps tomorrow morning and that would keep everybody calm, but first things first, they need a deal, jon. jon: by my calculation they have less than 13 hours to accomplish that. mike emanuel, thank you. >> reporter: thank you, sir. jon: let's take a look at the dow with all this fiscal cliff nonsense going on. it's up, actually about 8 points right there as you can see. still down below 13,000, though, after heavy losses last week. very light trading also as you might imagine on this day before the market is closed for the new year's holiday. while congress cannot seem to agree on a fiscal cliff fix, it loo
, i guess the good news is that i'm rising today not to speak about the fiscal cliff, but what i'm speaking about is not good news because it deals with the tragic events that occurred in benghazi, libya, on september 11th when -- >> we are watching senator joe lieberman of that's joe lieberman talking about the fiscal cliff issue. let's go to luke russert, who is in washington following all of this as it somewhat progresses, or not. what is the latest that you're hearing? >> well, if i was not mistaken, harry reid said they would meet tomorrow morning at 11:00 a.m., which leads me to believe that doing anything tonight is probably not a possibility. obviously we'll have to check that. but talking to folks around the building, there are a few things that have come up. i spoke to senator conrad of north dakota. he was very adamant saying the republicans wanted to much in regard to the estate tax. democrats want to extend that, up to 35% of an estate. the most interesting thing i found out, i talked to one high ranks republican member and they said we're preparing our members that
in this fiscal cliff standoff. we have team fox coverage. mike emanuel is live on capitol hill. but first to ed henry at the white house. ed, it looks as if we are taking the plunge. >> it does, trace. but what i think the white house is hoping here tonight is that lawmakers are going to have some framework by midnight tonight that basically says votes as soon as tomorrow or maybe even in early wee hours, 1:00 a.m., 2:00 a.m. to start moving forward on this so at least the markets get the signal that they will retroactively make sure that the tax rates don't go up. that the massive spending cuts don't take effect. all of this is still hanging in the balance. as you mentioned, conservatives not happy that there are no new spending cuts here. liberals not happy over the fact that they believe the president gave in too much to republicans on taxes setting a threshold of $450,000 a year instead of what they wanted which was 250,000. bottom line the president said that's the art of the compromise today. everyone is not going to get everything that they want. and, in fact, he said the key here is to
by rob jackson. redskins into the playoffs. rg3. maybe he can solve the fiscal cliff. >>> and all that matters. >> fireworks lit up sydney harbor, beautiful, as people mark the start of 2013. happy new year. >> on "cbs this morning." >>> chuck pagano back on the colts sideline yesterday cancer free as the colts won 28-16. >> i feel so blessed to be back with you guys in the battle. thank you. thank you so much. captioning funded by cbs >>> welcome to "cbs this morning." i'm norah o'donnell with anthony mason. as we wake up the deadline to the fiscal cliff is just 14 hours ai wa. there's no deal yet, but members of congress are heading back to capitol hill. first, breaking news on the condition of secretary of state hillary clinton. >> she's in a new york city hospital this morning being treated for a blood clot. doctors say it's related to a concussion that's kept her out of the office for the past three weeks. margaret brennan is in washington with the latest. margaret good morning. >> reporter: good morning to you. secretary clinton is taking anti-coagulant to
, new year's eve obviously the fiscal cliff deadli deadline. thursday at noon the deadline for the current congress and then they won't have to restart the clock on pending legislation. >> so i know -- >> i'm glad you mentioned that. let's look bigger picture. this is set to be the least productive congress in history. 219 bills in this congress. >> right. >> the next lowest level was 333 bills during the '90s. so tremendously unproductive congress. as you mentioned, the new one will be sworn in and not looking a whole lot different. is this the new normal, the do-nothing congress? >> i think until we can sort of clear out of these fiscal issues, whether that's tonight or tomorrow, whether that's mid march, it is very difficult for other issues to rise to the to because of the nation's fiscal health and the global economy is at risk. we're going to see the administration roll out a gun control package at some point in january, perhaps as part of the state of the union in february. those are who major domestic policies sitting there. if the fiscal cliff conversations continu
can solve the fiscal cliff. >>> and all that matters. >> new zealand celebrated a few moments ago shooting fireworks into the sky to welcome 2013. >> on "cbs this morning." >>> chuck pagano was back on the colts' sidelines yesterday cancer-free as the colts took care of the texans, the 28-16. >> i'm so glad to be back with you guys. i'm so proud. thank you. thank you so much. captioning funded by cbs >>> welcome to "cbs this morning." i'm norah o'donnell with anthony mason. charlie and gayle are off. the deadline for the fiscal cliff is less than 24 hours away, and there is no deal yet, but members of congress will be back on capitol hill this morning, so we will have all the news from washington in a moment. but first there is breaking news on the condition of secretary of state hillary clinton. >> she's in a new york city hospital this morning being treated for a blood clot. doctors say it's related to a concussion that has kept her out of the office for the past three weeks. margaret brennan is in washington with the latest. margaret, good morning. >> good morning to you. secre
much. happy new year. oil and gold in the green as the fiscal cliff talks continue. sandra smith has more on today's. sandra: let's start out by looking at a gold chart. we are up about seven dollars. however, i want to remind all the viewers out there that this would still be on pace for a 2 straight annual gain. it has gone up 12 years in a row. oil up $0.36 at 9116 a barrel. still well above $90. the oil market would signify that traders here, at least on the floor, police that there may be a deal by the end of the day. >> i kind of disagree with that. this. the crude oil market has to be taken on its own. i will not say that the fiscal cliff will dictate which direction prices will go. look at demand numbers for what we are using globally. they have been very positive. sandra: we will have to leave it there. give me your best guess at what happens at the end of the day. >> push as much of it as they can down the road. it is a shame that we do not have a functioning bond market. sandra: we will be talking to traders down here on the floor all day. we are approaching the final hou
in and day out on the financial news talking about the fiscal cliff, economists talk about the fiscal cliff and politicians talk about the fiscal cliff. we're wondering whether mom and pops at home talk about the fiscal cliff. is a lack of a budget deal actually spooking shoppers out on main street? >> it is. walmart told us 75% of their customers have cite that had they are worried about the fiscal cliff. mandy, you and i were on last week talking about the luxury retailers and we called out saks saying business pre-holiday was particularly weak. what are the people in the stores telling me all week, saying that this is the worst pre-christmas they had seen in over a decade, and part of that was because their consumers are worried about the fiscal cliff, so note to the government. it does matter. >> yeah, but that's, as you say, part of it. laura, what else is going on? it just felt like we were going into a lackluster season here. what happened? >> i mean, there's been some discussion about weather trends as well, but whether or not we go over the fiscal cliff, consumers think next year w
the fiscal cliff negotiations on capitol hill. do you have any good news for us, lisa? >> reporter: the news is a little better than it was earlier today. we know negotiations are still happening. there was a point today where we thought there was a total breakdown. tonight it's between senator mitch mcconnell and vice president joe biden. we're some of the last people in the building. i know -- come on through, guys, if you want. there's one of the crews that -- the worker crews are starting to come into work tonight. we're the last reporting crew. all the members of congress have pretty much gone. the republicans in the house were meeting late tonight to try to talk about what to do, in the end this is what our producer deirdre walsh heard from them. the message is just sit tight, stay tuned and i think what we have to do, don, is find out tomorrow morning, whether there is any progress between senator mcconnell and vice president joe biden. there is definitely hope. there is not a lot of time. >> let me tell you this, lisa. when you see the workers there, and the crew that -- and those ar
than a year. now, as the new year's deadline approaches, the fiscal cliff may be moving to a later date, in 2013. it is part of a possible deal that is forming at this hour. this, of course, represents the $3.6 trillion the u.s. government spent last year, unless congress reaches a deal when the new year hits. so too will the fiscal cliff. $600 billion worth of tax increases and spending cuts. it is supposed to be automatic. but now republicans are suggesting a delay, the president just spoke trying to add pressure to congress to avoid going over the fiscal cliff. listen. >> my preference would have been to solve all these problems in the context of a larger agreement, a bigger deal, a grand bargain, whatever you want to call it, that solves our deficit problems in a balanced and responsible way that doesn't just deal with the taxes, but deals with the spending in a balanced way, so that we can put all this behind us focusing on growing our economy. but with this congress, that was obviously a little too much to hope for at this time. >> let's turn now to chief white house correspondent
we get to questions about the fiscal cliff. can you give us an update. we heard news about secretary hillary clinton. >> that's right, is she had a follow-up example at new york presbyterian hospital today when her doctors discovered she developed a blood clot. she's being treated with anti-clot medication at presbyterian hospitals and doctors are going to monitor progress over the next 48 hours. we're told her doctors will continue to assess her condition including what is associated with her concussion. >> hopefully that's a quick hospital stay. anybody, questions on the-- >> yeah, mike, it's beckel. mcconnell stayed out of this thing all along until he comes in at the last minute and i give him credit for trying it. at the last minute he drops in a reevaluation of the cross limit on entitlements which mired up the whole thing. we know full well you can't get that done in a day. why in the world is mcconnell messing with this thing. >> bob, you've probably been part of these high profile negotiations. >> i have. >> and dana mass. it's horse trading. bottom line, he probably wasn't
, the new tax takes effect tomorrow and it's got nothing to do with the fiscal cliff. it has to do with obamacare. we'll tell what you it is inform could hurt. then don't know what to do with your christmas tree? here is an idea. ♪ >> clayton: welcome back. the government wishing the american people happy new year with a brand-new tax tomorrow. >> dave: regardless of the outcome of fiscal cliff negotiations, americans will be hit with a $1 trillion new tax bill thanks to obamacare. >> clayton: joining us now is texas congressman and vice chairman of the subcommittee on health, dr. michael burgess, who knows a thing or two about the health care system. congressman, nice to see you. happy new year, or not so happy for a lot of people. >> thanks. >> clayton: break this down. what kind of taxes are we talking about here that basically have nothing to do with the fiscal cliff, right? >> correct. these are baked into the cake and they're happening regardless of whatever happens with the house or senate today. there is five changes, major changes in tax policy that start on january 1 as
on the fiscal cliff. maya macguineas is going to be with us. later we will turn our attention to a new movie on the raid that killed osama bin laden and talking with linda robinson who is an author as "washington journal" continues. it is monday, december 31. .e'll be back in just a moment [video clip] >> as president obama begins his second term in office, what is the most important issue he should consider for 2013? >> so tell us. if you're in grade sixth through 12, make a short video about your message to the president. >> it's c-span's student cam video competition with your chance to win the grand prize of $5,000. and there is $50,000 in total prizes. the deadline is january 18. for more information, go to studentcam.org. >> a lot of people will say that ever since the apollo, the space program has been a jobs program. how many jobs can we get in your district, in your state? the space shuttle passed by one vote because it was passed all around the country. we had people working different places. i can tell you some pretty brutal stories about the politics that get involved in our spac
of the fiscal cliff and we're keeping a close eye on negotiations. >> we're going to spell out what the talks could mean to you and if lawmakers fail to reach a deal what the fallout will be for you and your wallet. you're looking at pretty pictures of capitol hill. i don't know if the scene is pretty but the pictures are. >> the lights are on, the question is, is anybody home? what seems to be a bitter stalemate between democrats and republicans on the fiscal cliff, we have learned of a bit of change this evening with the negotiations. for one, we have learned that the senate will reconvene tomorrow at 11:00 a.m. that means no decision tonight. we have also learned senator mitch mcconnell, the republican minority leader, has had conversations directly with vice president biden. mcconnell had been working with senate majority leader harry reid, but he and biden have gotten things done when working together in the past. can they do it now? let's go to dana bash. dana, what do you think? is it promising? can they go it now? >> reporter: well, let's start there. it certainly has happened before
of fox news sunday, big lineup. two high ranking senators and plus his analysis of the fiscal cliff crisis. >> juliet: no good deed goes unpunished. these guys tried to save one guy who fell through the ice and then that guy and then the next, the next. it was kind after nightmare. >> clayton: polar plunge. >> juliet: yeah. ♪ and i'm thinking, "shouldn't you have more energy than me? you're, like, eight!" [ male announcer ] for every 2 pounds you lose through diet and exercise alli can help you lose one more by blocking some of the fat you eat. simple. effective. advantage: mom. let's fight fat with alli. have a healthier holiday at letsfightholidayfat.com. that's the sound of car insurance compani these days. here a cheap, there a cheap, everywhere a cheap... you get it. so, what if instead of just a cheap choice, you could make a smart choice? like, esurance for example. they were born online and built to save people money from the beginning. it's what they've always done. not just something they cheap about. that's insurance for the modern world. esurance. now backed by allstat
. watching the ball dropped as a whole new meaning watching that fiscal cliff. >> it is clear and sunny and in fact this is my favorite shot of the morning. especially when it is clear out there you can see the blue skies and water. that is our mt. tam cam but it is cold out there. the good news is we're no longer in the '20s. santa rosa recently warmed up to 30 degrees. 33 in fairfield 37 in hayward and headed into the afternoon expect mainly '50s, low 50s. mild conditions for this time of years, mostly sunny skies 54 for san jose 534 mountain view low 50s for east bay interior valleys 52 specifically for pleasanton. and the north bay low 50s on tap bud dry weather will continue. 52 degrees in berkeley mid-50s expected in oakland and taking a look at your new year's forecast few clouds and a four class by 8:00 p.m.. temperatures will be in a wide range of 40's. rainey in 2013 we had to midnight clear and cold weather. instead of hitting the party scene we are heading up to top an afternoon highs are coming in at that freezing mark. freezing fog a possibility the past 11 we're looking a
. gregg: this is it. we are just hours away from falling off the so-called fiscal cliff. tax hikes for nearly every american. lots of different ones. spending cuts of totaling more than a trillion dollars. by all indications, nothing, we mean nothing has changed on capitol hill. senate majority leader harry reid saying significant distance remains between the two sides. good morning everyone, i'm gregg jarrett in for bill hemmer here in "america's newsroom.". >> i'm heather childers in for martha maccallum the senate gavels in at 11:00 a.m. we'll see if there was some miracle overnight. gregg: i doubt that. yesterday, republican senate leader mitch mcconnell made an emergency call to the vice president joe biden in an evident to jump-start negotiations. heather: if no deal is haed out today, majority leader reid says he will call a vote on a separate white house plan that reflects's original proposal. gregg: chief correspondent mike emanuel kicks off the coverage. mike, where do the things stand in the fiscal cliff talks at this critical late-stage? >> reporter: gregg, there seems
. so to avoid this utterly upness artificial fiscal cliff crisis, all they need to do is approve something small. but it's something republicans remain reluctant to do, and will only do, if they do, at the last minute, after having then str t demonstrated to tea party supporters they did everything they could. >> i wonder if we should be surprised. do you see any short term way to fix this? what is your thoughts about the chances here? >> yeah, listen, there are fewer competitive seats. many more safe seats, largely as a result of an idealogical and geographical sorting. gerrymandering contributing it to, but it's by no means the main factor. the things that we can do in the long run, but in the short term, republicans have to feel that they have to change, they have to open their party, broaden the base if they are to avoid falling into permanent minority party status. >> thomas mann, thank you so much. >>> for republicans, losing the political fight over the plik may not be the down side of the strategy, it may be the strategy itself. that's ahead when we continue right after
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